Following Bitwise's and Rex Shares' recent bid for spot Dogecoin ETFs in the United States, crypto analyst Ali Martinez has provided a technical view suggesting that Dogecoin (DOGE) could go up to $15. The min -his study, described in a logarithmic chart running from 2017 to 2025, captures a large ascending channel that illuminates the upward path which could be for DOGE.
Dogecoin is targeting $15
The Martinez chart defines a long-term ascending channel where Dogecoin's price action is bounded by a structure consisting of three parallel movements. The lower of these lines has been consistently strong support since 2017, supporting the price to be stable during a major downturn, especially in early 2019 and again in mid-2022. the middle line of the channel, which is currently hovering around $0.40 to $0.45, just confirmed by DOGE as it rises to this level recently, marking a critical turning point that was last touched in early 2022.
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The upper limit of the channel, which is the focus of Martinez's bullish forecast, is expected to climb well above $10, touching as high as $15 by the end of 2025. top bull run twice for the price of Dogecoin, once in January 2018 and then in May 2021. At the last high in May 2021, Doge even significantly crossed the channel.
Martinez's prediction highlights the spot Dogecoin ETF as a potential market mover. He suggests that the approval and launch of such financial products could drive new institutional and retail investment into DOGE, driving it towards those higher valuations.
In terms of trade, DOGE's current position below the central line is extremely important. Historically this price level has been a chart to move up when sustained buying pressure is present. If DOGE holds its base above this zone, the path to higher resistance about $1.00and maybe the upper echelon of the channel near $15, apparently technically possible.
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In particular, the spot Doge ETFs could hit the market as early as April, according to Bloomberg ETF expert Eric Balchunas. Bitwise officially submitted the application for listing of the Dogecoin ETF on Wednesday.
The company submitted the proposal, called “Bitwise Dogecoin ETF,” to the Delaware Division of Corporations, which is part of the US Department of State. Although such registrations can be misleading from time to time, Balchunas confirmed via X: “Bitwise Doge ETF likely coming soon.. BlackRock XRP once upon a time).
Registration in Delaware represents the first step before proceeding to formal ETF filing with the Securities and Exchange Commission (SEC). This registration process establishes the legal structure that would govern the proposed ETF but is not a direct application for SEC approval.
This initiative follows an earlier bid by investment firms Rex Shares and Osprey Funds, both of which have also submitted bids for multiple cryptocurrency ETFs, including one focused on Dogecoin.
At press time, DOGE was trading at $0.34.
Featured image created by DALL.E, a chart from TradingView.com
